& All & Fees & Local & Central \\
 \cmidrule(lr{0.5em}){3-5} 
 & (1) & (2) & (3) & (4) \\ \midrule
\hspace{0.1cm} Registered ($\beta^{OLS})$&     0.18\sym{***}&    -0.00         &     0.05\sym{**} &     0.18\sym{***}\\
                &   (0.03)         &   (0.02)         &   (0.02)         &   (0.04)         \\
\midrule
\hspace{0.1cm} $\widehat{\text{Registered}}$ ($\beta^{IV})$&     0.59         &     0.13         &     0.29\sym{*}  &     0.79         \\
                &   (0.14)         &   (0.06)         &   (0.05)         &   (0.14)         \\
                &   [0.17]         &   [0.30]         &   [0.07]         &   [0.19]         \\
\midrule DV Mean&     0.20         &     0.04         &     0.05         &     0.14         \\
FS F-statistic  &     12.8         &     12.8         &     12.8         &     12.8         \\
\midrule
$\rho$(Wealth, DV)&     0.36&     0.04&     0.28&     0.42\\
\midrule
Observations    &     1571&     1571&     1571&     1571\\
